Saskatoon real estate week in review: March 24-30, 2013

Saskatoon real estate week in review: March 24-30, 2013

Saskatoon home sales slipped lower again for the second week in row. Local real estate agents reported a total of 71 house and condominium sales to the Saskatoon multiple listing service® this week, down eight units from the previous week to fall well short of numbers recorded during the same period last year when 113 Saskatoon homes traded hands.

New listings also cooled considerably as numbers fell to their lowest point in six weeks to fall short of 100. This week saw 98 new listings of houses and condos added top the MLS®, down 25 properties from last week and below the number of new listings introduced over the same week last year by 17.

MLS® inventory in the residential category made small gains growing by just 14 units compared to the close of the previous week to reach 1057 for a year-over-year increase of 26 properties. Today’s totals show 655 single family homes and 319 condominiums with an active status on the multiple listing service. At this same point in 2012 those two categories of Saskatoon housing stood at 609 and 336, respectively.

The average sale price of a Saskatoon home inched up to $331,943 this week while the median price paid came off of last week’s upward surge and fell to $317,500. The longer term measures showed little change and struggled to maintain year-over-gains which have been largely commonplace for what seems like forever. The six-week average price dropped four hundred dollars from the previous week to settle at $331,442 which is up on the close of the same week last year by just $235. The four-week median slipped five hundred dollars compared to last week to reach $318,500 and maintain an annual gain of just $6,500.

Overbid Saskatoon real estate sales came in at just five. Those buyers paid, on average, an additional $4,680 to secure the home they wanted. Another eight buyers offered the full asking price to close their deal. The remaining 58 closed transactions were reported to have sold below the seller’s asking price by an average of $8,850.

Other notable MLS® activity this week included 29 cancelled and withdrawn listings, four expired listings and 19 price adjustments.

Highlights from the news this past week

Where do mortgage rates go from here? - Financial Post

Fewer Canadians plan to buy as housing markets cool - Financial Post

What’s next for Canada’s housing market? - Star Phoenix

Canadians opt for locked in mortgages to secure rates - Star Phoenix

A map displaying the boundaries of Saskatoon real estate areas is here.

An overview of data collection and calculation practices for our statistical reports is here.

Get the most current market intelligence with our FREE Market Snapshot including prices of homes recently sold in your area. Get it here now.

I’m always happy to answer your Saskatoon real estate questions.  All of my contact info is here.

Please feel free to call or email.

Norm Fisher

Royal LePage Vidorra


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